Victoria’s most affordable suburbs revealed

Overall, the stats point to promising signs, particularly given the state has been hit with doom and gloom predictions off the back of the coronavirus pandemic, coupled with renewed restrictions forcing Melbourne into a stage 4 lockdown recently.

The highlight of the September quarter data, according to REIV president Leah Calnan, is regional Victoria.

The data shows regional houses set a new quarterly record at $442,500. This is an increase of 5.1 per cent for the quarter and 4.9 per cent over the last 12 months. Meanwhile, regional units have fallen slightly to $327,000, down 3.1 per cent from the past quarter but are 8.0 per cent more valuable than they were 12 months ago, the data showed. 

“The varying levels of restrictions placed on Melbourne Metro and Regional Victoria over the last couple of months impacted transaction volumes as expected. While transaction numbers in Melbourne plummeted by 31 per cent compared to the June quarter, transactions in Regional Victoria soared by 15 per cent,” it noted.

“Market restrictions meant fewer properties were listed for sale, keeping prices relatively stable over the quarter. House values in Metropolitan Melbourne remain strong, falling by just 1.7 per cent during the September quarter to a median price of $846,000 while recording a 7.4 per cent annual growth.

“Units in Melbourne have achieved a median price of $622,500, which is 0.2 per cent higher than the June quarter and an annual increase of 5.4 per cent.

“Sales by private treaty increased in popularity, with units in Melbourne Metro even recording 0.8 per cent growth to a new record, surpassing $600,000 for the first time.”

In addition, the REIV data outlined the most affordable suburbs in metropolitan Melbourne and regional Victoria.

Metropolitan Melbourne (for houses)

1. Werribee

Median: $505,000

2. Pakenham

Median: $520,000

3. Mernda

Median: $545,000

4. Wollert

Median: $571,500

5. Craigieburn

Median: $573,200

6. Frankston

Median: $620,000

7. Doreen 

Median: $621,500

8. Langwarrin

Median: $642,775

9. Point Cook

Median: $655,000

10. Berwick

Median: $674,444

Regional Victoria (for houses)

1. Stawell

Median: $199,000

2. Morwell

Median: $205,000

3. Churchill

Median: $225,500

4. Horsham

Median: $226,000

5. Ararat

Median: $235,500

6. Red Cliffs

Median: $243,000

7. Portland

Median: $265,000

8. Maryborough

Median: $270,000

9. Benalla

Median: $282,000

10. Bairnsdale

Median: $288,000